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UK Silver Flow 2021 to Jul 2026 - This shows the monthly NET imports/exports between the UK (LBMA) and major silver markets. A single silver bar represents a range from 0.1 to 100 metric tons. So for example, 4 silver bars represents a monthly total that is in the range of 300.1 to 400 metric tons.
It gets a bit hectic after late 2024 and you might need to pause the video in places to fully absorb everything that was happening.
Alas, I didn't have an unlimited budget for making this or I would have also incorporated some temperature gauges for LBMA vaulted ETF/ETP silver and/or LBMA silver vault stock free float totals for the complete picture.
The UK customs data was drawn from @GoldFishCharts website and the music is by Angine de Poitrine.
President Donald Trump joked Tuesday night that the $5,000 payments he’s promised U.S. adults would buy little more than “a hamburger and maybe a small dessert” at his Mar-a-Lago club in Florida, a week before the midterm election dominated by voters’ concerns over affordability.
Trump has pledged $5,000 to every adult citizen if his fellow Republicans retain majorities in both the House and Senate, specifying the money must be spent in the U.S.
Read more from Trump: cnb.cx/3UouLUt
Oct 28 Silver Market Morning Snapshot
🇨🇳 SFE Futures $60.67 (@ 03:30)👀 (tiny premium to SGE while vault is draining)
🇨🇳 SGE Spot $60.62 ($6.80🔼🇬🇧 LBMA Spot @ 03:30)🔥
🇮🇳 MCX Futures $55.94
🇮🇳 IBJA Spot $54.97 ($1.25🔼🇬🇧 LBMA Spot)🔥
🇬🇧 LBMA Spot $53.72
🇺🇸 COMEX Nov26 Futures $53.51 ($0.19🔻🇬🇧 LBMA Spot @ 06:14)👀
All quotes🚫taxes/duties for apples to apples comparisons. All quotes ~7am ET except as noted.
Vaults (ozt):
PSLV🔻200K (no change to units!)
SLV🚫 (2 days in a row with no activity? sounds legit!)
COMEX🔻293K
MCX🔻174K👀 (heavy outflow resumes)
SFE🔻120K
COMEX withdrawals are currently 82.9% of Oct26 delivery requests
COMEX 5 DMA [R] run rate =♾(=from♾) @ 75K ozt/day DEPOSIT (🔻from 273K ozt/day DEPOSIT)
COMEX 5 DMA [E] run rate =♾(=from♾) @ 144K ozt/day DEPOSIT (🔻from 525K ozt/day DEPOSIT)
MCX 5 DMA run rate = 22d (🔻from 29d) @ 146K ozt/day (🔼from 114K ozt/day)👀
SFE 5 DMA run rate = 515d (🔼from 244d) @ 85K ozt/day (🔻from 181K ozt/day)
SGE 5 WMA run rate = ♾(=from♾) @ 189K/week DEPOSIT (🔼from 43K/week DEPOSIT) (as of Oct 23)
Oct 28 Gold Market Morning Snapshot
🇮🇳 MCX Futures $4,089.94 (~$45.81🔼🇬🇧 LBMA Spot)🔥🔥🔥
🇮🇳 IBJA Spot $4,055.19 (~$11.06🔼🇬🇧 LBMA Spot)🔥🔥
🇨🇳 SFE Futures $4,044.84 ($8.71🔼🇬🇧 LBMA Spot @ 03:30)👀
🇨🇳 SGE Spot $4,042.93 ($6.80🔼🇬🇧 LBMA Spot @ 03:30)👀
🇺🇸 COMEX Nov26 Futures $4,046.70 ($0.17🔼🇬🇧 LBMA Spot @ 06:24)
🇬🇧 LBMA Spot $4,044.13
All quotes🚫taxes/duties for apples to apples comparisons. All quotes ~7am ET except as noted.
Vaults (ozt):
GLD🔻28K (shares 🔼300K)
COMEX🔻16K👀
MCX🔼418
COMEX withdrawals are currently 25.4% of Oct26 delivery requests
COMEX 5 DMA run rate = 506d (🔻from 589d) @ 45.9K ozt/day (🔼from 39.5K ozt/day)👀
MCX 5 DMA run rate = ♾(=from♾) @ 1.21K ozt/day DEPOSIT (🔻from 2.27K ozt/day DEPOSIT)
YouTube version (please like, comment, share and subscribe):
youtube.com/watch?v=KV2WwMqR…
There was a time when I was sure
That you and I were truly one
That our future was forever
And would never come undone
And we came so close to being close
And though you cared for (my gold)
There's (sanctions) in your eyes tonight
So we're not meant to be
The (trust) is gone
The (trust) is gone
The sweetest dream
That we have ever known
The (trust) is gone
The (trust) is gone
I wish you well
But I must leave you now alone
...
Jamie Dimon to a country that pulled its gold out of New York: you have three armies within 400 miles, while gold in America is protected by two oceans and the US military
“If we have the strongest military in the world and the strongest economy in the world, we will be the preeminent reserve currency. It is those two things.”
“I was in a country somewhere in the Middle East, and also in Europe, and the people said, we took our gold out of the vaults in New York City and moved it to our country. You know what I said to him? I said, you have three armies within 400 miles who can come take your gold.”
“That’s the real world. You’re not thinking clearly about safety. That gold is protected by the Atlantic, the Pacific, the United States military, the rule of law.”
“But if we are not the preeminent military and economy, you will see our reserve status come down.”
Oct 27 Silver Market Morning Snapshot
🇨🇳 SFE Futures $59.52 (@ 03:30)
🇨🇳 SGE Spot $59.40 ($6.55🔼🇬🇧 LBMA Spot @ 03:30)🔥
🇮🇳 MCX Futures $55.61
🇮🇳 IBJA Spot $54.81 ($1.35🔼🇬🇧 LBMA Spot)🔥
🇺🇸 COMEX Oct26 Futures $54.11 ($0.18🔼🇬🇧 LBMA Spot @ 17:05 Oct 26)
🇬🇧 LBMA Spot $53.46
🇺🇸 COMEX Nov26 Futures $53.12 ($0.31🔻🇬🇧 LBMA Spot @ 05:58)👀
All quotes🚫taxes/duties for apples to apples comparisons. All quotes ~7am ET except as noted.
Vaults (ozt):
PSLV🚫💤
SLV🚫 (JPM reporting activity every other day now...)
COMEX🔻603K (no deposits - breaks 3 week streak)
MCX🔼101K👀 (first inflow in 2 weeks)
SFE🔻87K (China importing silver? seems like no)
SGE🔼812K (China importing silver? seems like yes)
COMEX withdrawals are currently 84.8% of Oct26 delivery requests
COMEX 5 DMA [R] run rate =♾(=from♾) @ 273K ozt/day DEPOSIT (🔻from 452K ozt/day DEPOSIT)
COMEX 5 DMA [E] run rate =♾(=from♾) @ 525K ozt/day DEPOSIT (🔻from 870K ozt/day DEPOSIT)
MCX 5 DMA run rate = 29d (🔼from 23d) @ 114K ozt/day (🔻from 140K ozt/day)👀
SFE 5 DMA run rate = 244d (🔼from 214d) @ 181K ozt/day (🔻from 207K ozt/day)
SGE 5 WMA run rate = ♾(=from♾) @ 189K/week DEPOSIT (🔼from 43K/week DEPOSIT) (as of Oct 23)
Oct 27 Gold Market Morning Snapshot
🇮🇳 MCX Futures $4,055.98 (~$43.76🔼🇬🇧 LBMA Spot)🔥🔥🔥
🇮🇳 IBJA Spot $4,026.97 (~$14.75🔼🇬🇧 LBMA Spot)🔥🔥 (premium rising!)
🇨🇳 SFE Futures $4,015.74 ($11.01🔼🇬🇧 LBMA Spot @ 03:30)🔥
🇨🇳 SGE Spot $4,012.62 ($7.89🔼🇬🇧 LBMA Spot @ 03:30)👀
🇬🇧 LBMA Spot $4,012.22
🇺🇸 COMEX Oct26 Futures $3,991.00 ($5.40🔻🇬🇧 LBMA Spot @ 06:30)
All quotes🚫taxes/duties for apples to apples comparisons. All quotes ~7am ET except as noted.
Vaults (ozt):
GLD🔻513K (shares down only 300K, ozt/shares ratio continues to swing wildly)
COMEX🔻71K👀
MCX🔻32
COMEX withdrawals are currently 21% of Oct26 delivery requests
COMEX 5 DMA run rate = 589d (🔻from 812d) @ 39.5K ozt/day (🔼from 28.7K ozt/day)👀
MCX 5 DMA run rate = ♾(=from♾) @ 2.27K ozt/day DEPOSIT (🔻from 2.28K ozt/day DEPOSIT)
Swiss 126t gold export to the UK in September was equivalent to 27% of the total Swiss to UK gold exports from Jan-Aug (461t).
Given that India's IBJA spot is running a huge premium to LBMA spot these days, I'm guessing it's not going to slow down in October.
Context:
xitter.cf/pmbug/status/211436363…
I've seen variations of the claim below - that the USA has been exporting gold to China to keep trade deficits down several times over the last week or so.
I don't watch the gold flows as closely as I watch the silver flows, but I had some time this morning, so I looked into it.
In 2025, the USA's gold flows were basically a wash. USA imported ~600 metric tons from London from December 2024 through April 2025 during the "great tariff risk mitigation" event. Once the tariff policy was officially clarified and the risk disappeared, the USA started exporting gold while the LBMA was reportedly T+60 on gold deliveries. From March 2025 through December 2025, the USA exported ~630 metric tons of gold to the UK and Switzerland.
The USA has exported a net of ~373 metric tons of gold so far in 2026 (through August). The major exports (total, not net) break down as follows:
➡️China + Hong Kong ~71mt
➡️Switzerland ~220mt
➡️UK 112mt
Switzerland gold exports for Jan-Aug 2026:
➡️China + Hong Kong ~239mt
➡️UK ~461mt
UK gold exports for Jan-Aug 2026:
➡️China + Hong Kong ~212mt
China + Hong Kong imported 522mt from the USA, Switzerland and the UK combined from Jan-Aug 2026. It certainly appears as if China has absorbed all of the USA's 2026 gold exports through August, but China has imported much more than just what the USA has exported.
Thanks to @goldfishcharts for the import/export data.
India's IBJA spot premium to LBMA spot this morning:
xitter.cf/pmbug/status/211468565…
Oct 26 Gold & Silver Markets Morning Snapshot
All quotes🚫taxes/duties for apples to apples comparisons. All quotes ~7am ET except as noted.
Gold
🇮🇳 MCX Futures $4,062.75 (~$48.47🔼🇬🇧 LBMA Spot)🔥🔥🔥
🇮🇳 IBJA Spot $4,027.28 (~$13.00🔼🇬🇧 LBMA Spot)🔥🔥
🇨🇳 SFE Futures $4,022.36 ($12.75🔼🇬🇧 LBMA Spot @ 03:30)🔥
🇨🇳 SGE Spot $4,009.87 ($0.26🔼🇬🇧 LBMA Spot @ 03:30)👀
🇬🇧 LBMA Spot $4,014.28
🇺🇸 COMEX Oct26 Futures $3,993.50 (~$3.12🔻🇬🇧 LBMA Spot @ 18:00 Oct 25)
Silver
🇨🇳 SFE Futures $60.81 (@ 03:30)
🇨🇳 SGE Spot $60.67 ($6.66🔼🇬🇧 LBMA Spot @ 03:30)🔥
🇮🇳 MCX Futures $56.19
🇮🇳 IBJA Spot $55.27 ($1.35🔼🇬🇧 LBMA Spot)🔥
🇬🇧 LBMA Spot $53.92
🇺🇸 COMEX Oct26 Futures $53.71 (~$0.22🔻🇬🇧 LBMA Spot @ 17:06 Oct 23)
Oct 26 Silver Vaults (ozt)
SFE🔻124K
SFE 5 DMA run rate = 214d (🔻from 248d) @ 207K ozt/day (🔼from 179K ozt/day)